Fees
Our valuation fees range depending on the insurance policy and whether or not mortality assessments are being done as part of the valuation. Our fee is generally $1,100 to $1,500 plus tax for a most policies, with participating policies typically at the higher end of the range. If a mortality assessment is required, the fee will increase by $500 per life which requires a mortality assessment. Please contact us with your policy details so that we can provide a firm quote.
We work with clients across Canada and do not require prepayment. After the report is provided we issue an invoice. We accept payment by VISA/MasterCard or by personal cheque.
Process to Request Valuation of Life Insurance Policy
1. Request an estimate of the value. This estimate is generally $250 per policy and the estimate fee is deducted from the fee for the valuation (i.e. if a formal valuation is subsequently requested). The reason for the estimate is to provide an approximate assessment of the FMV of the policy to determine whether or not it makes sense to proceed to a full valuation. In order to perform the estimate, please complete the FMV Estimate Request Form which includes the following information.
- Policy effective date
- Insurance company
- Face amount
- CSV
- For each life insured: date of birth, sex, state of health, smoker/non-smoker
- Monthly premium schedule
- Type of coverage: single life / joint life
- Any other relevant information regarding the policy
- Purpose for attaining the valuation
- Approximate current health rating
2. After the estimate, if we are instructed to proceed, we will need the following information:
- Copy of the insurance policy. If a copy of the insurance policy is not available, we can provide a valuation based on a summary of the policy, but our valuation report will outline this as a qualification in the actuarial certification.
- Most recent policy statement and illustration
- Valuation date
3. Generally, it is advisable that a health assessment be performed for each life insured on the policy. In order to perform a health assessment, we require a medical summary to be provided by a person’s doctor, including recent test results. This information is provided to an expert who specializes in medical underwriting who provides an independent assessment of each insured life’s health rating.
If requested, we will prepare a qualified valuation assuming that a person has normal health, in which case a mortality assessment will not be done. The qualified valuation will include a statement in the actuarial certification that the health of the insured has not been assessed and that the results of the valuation would not apply if they do not have a normal health rating.